Registered Charity No. 255375
Carew Pole Charitable Trust Financial Statements for the year ended 5 April 2022
Carew Pole Charitable Trust
Financial Statements
Year ended 5 April 2022
| Contents | Page |
|---|---|
| Trustees' Report | 1 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 - 15 |
Page 1
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report
Year ended 5 April 2022
The Trustees present their Annual Report and the financial statements for the year ended 5 April 2022. They are satisfied that the financial statements comply with the requirements of the Charities Act 2011, the Trust Deed and the recommendations of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (charities - SORP 2019 – FRS102)).
Objectives and Activities
In planning our activity for the year, we kept in mind the Charity Commission guidance on public benefit. The object of the Charity is to support such charitable purposes both nationally and locally but, in particular, those in Cornwall or with a connection with that County. The Trustees do not support applications from individuals for full time education. Applications from churches and village halls are not supported, unless they are in the immediate vicinity of Antony House, Torpoint, Cornwall or have a historical connection with the Carew Pole Baronetcy.
The Trustees consider and approve major donations in March each year, while other smaller appeals are considered, and donations made, throughout the year.
The Charity plans to continue in its current form in forthcoming years, subject to maintaining satisfactory funding.
Achievements and Performance
During the year ended 5 April 2022, the trustees made 45 separate grants to good causes. Individual grants ranged from £500 to £5,000 and the total donated was £63,178.
The charity incurred investment fees of £12,059, property expenses of £20,863 and other costs of £5,865.
Financial Review
During the year, the charity received income of £32,771 from its portfolio of investments and £52,255 from its investment properties.
The Trustees are generally satisfied with the extent to which they have been able to assist various organisations during the year, bearing in mind the limitations of their investment and property income. Grants totalling £63,178 were made during the year under review, an increase of £28,812 from the previous year.
There was a surplus of £36,098 for the year (2021: £282,877). The Investment portfolio contributed gains of £53,037 overall (2021: £286,432).
The Charity’s cash balances amounted to £97,487 at the balance sheet date (2021: £73,381).
Page 2
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report (continued)
Year ended 5 April 2022
Reserves Policy
The Trustees continually monitor the level of unrestricted income funds. Whilst the charity had unrestricted funds of £2,358,313 at 5 April 2022 this included an aggregate £2,303,004 in respect of quoted investments and investment property which the Trustees intend to maintain in order to generate income for distribution to future beneficiaries.
This means that the charity had £55,309 free reserves at 5 April 2022. The trustees are satisfied that this level of free reserves is sufficient because the income generated from investments is more than adequate to cover the charity’s administrative expenses, which are minimal and predictable in nature.
From September 2018 it was agreed to introduce a reserve policy whereby the trust ensures that it is maintained at the equivalent of six months revenue reserve.
The Trustees consider and approve major donations in March / April each year, while other smaller appeals are considered, and donations made, throughout the year.
Structure, Governance and Management
The Charity is constituted by a Deed of Trust dated 20 February 1968 created by the late Sir John Carew Pole Bt.
The Trustees who have served during the year and since the year end are set out on page 3. Following the death in 1993 of Sir John Carew Pole, the power of appointing new Trustees is vested in the Trustees from time to time.
The Trustees take strategic decisions about the charity jointly. Day to day investment decisions are taken by the appointed advisers.
Any new Trustees would be given an introduction to the Charity and would be given sufficient training to ensure that they are properly able to fulfil their responsibilities.
Page 3
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report (continued)
Year ended 5 April 2022
Reference and Administrative Details
Trustees
Charity Number
Principal Address
Legal Advisers
Independent Examiner
Investment Advisers
Bankers
T J Carew Pole C Coode J P Williams
255375 Antony House Torpoint Cornwall PL11 3AB
Boodle Hatfield LLP 240 Blackfriars Road London SE1 8NW
Neil Hitchings FCA Francis Clark LLP Centenary House Peninsula Park Rydon Lane Exeter EX2 7XE
Ruffer LLP 80 Victoria Street London SW1E 5JL Cazenove Capital Schroder & Co Limited 1 London Wall Place GB-London EC2Y 5AU
Lloyds Bank plc Royal Parade Plymouth PL1 1DS
Page 4
Carew Pole Charitable Trust
Registered Charity number 255375
Trustees’ Report (continued)
Year ended 5 April 2022
Trustees’ Responsibilities in Relation to the Financial Statements
The charity trustees are responsible for preparing a Trustees’ Annual Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing the financial statements the trustees are required to:
a) select suitable accounting policies and then apply them consistently;
b) observe the methods and principles in the Charities SORP;
c) make judgements and estimates that are reasonable and prudent;
d) state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
e) prepare the financial statements on the ongoing basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
Declaration
We approve the attached accounts set out on pages 6 to 15 for the year ended 5 April 2022 and confirm that we have made available all the relevant records and information required for their preparation.
Tremayne Carew Pole For and on behalf of the Trustees
Date:
Page 5
Carew Pole Charitable Trust
Registered Charity number 255375
Independent Examiner's Report to the Trustees
Year ended 5 April 2022
I report to the trustees on my examination of the accounts of the Carew Pole Charitable Trust (the Trust) for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed:
Name of principal:
Neil Hitchings FCA
Name of firm:
Francis Clark LLP
Relevant professional qualification or body: ICAEW
Address:
Centenary House, Peninsula Park, Rydon Lane, Exeter, EX2 7XE
Date:
Page 6
Carew Pole Charitable Trust
Statement of Financial Activities
Year ended 5 April 2022
| Unrestricted Funds | Unrestricted Funds | Unrestricted Funds | Unrestricted Funds | ||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| Income | |||||
| Investments | |||||
| Dividends and other investment income | 32,771 | 32,977 | |||
| Income from property | 52,255 | 42,546 | |||
| Total income | 85,026 | 75,523 | |||
| Expenditure | |||||
| Costs of raising funds | |||||
| Investment management fees | 12,059 | 9,832 | |||
| Property expenses | 8 | 20,863 | 29,768 | ||
| Expenditure on charitable activities | |||||
| Donations to charitable institutions | 12 | 63,178 | 34,366 | ||
| Other costs | 9 | 5,865 | 5,112 | ||
| Total expenditure | (101,965) | (79,078) | |||
| Net expenditure before gains/(losses) on investments | (16,939) | (3,555) | |||
| Net gains on investments | 4 | 57,900 | 295,458 | ||
| Realised losses on investments | 4 | - | (13,424) | ||
| Realised (losses) / gains on foreign currency holdings | (4,863) | 4,398 | |||
| 53,037 | 286,432 | ||||
| Net income and net movement in funds | 36,098 | 282,877 | |||
| Reconciliation of Funds | |||||
| Total fund balance brought forward at 6 April 2021 | 2,322,215 | 2,039,338 | |||
| Total fund balance | |||||
| carried forward at 5 April 2022 | 2,358,313 | 2,322,215 |
The notes on pages 8 to 15 form part of these financial statements.
Page 7
Carew Pole Charitable Trust
Balance Sheet
5 April 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Investment Property | 3 | 795,144 | 795,144 | ||
| Quoted Investments | 4 | 1,507,860 | 1,480,273 | ||
| 2,303,004 | 2,275,417 | ||||
| Current Assets | |||||
| Debtors | 5 | 9,675 | 7,102 | ||
| Cash at bank | 6 | 97,487 | 73,381 | ||
| 107,162 | 80,483 | ||||
| Creditors: Amounts falling due within one year | 7 | (51,853) | (33,685) | ||
| Net Current Assets | 55,309 | 46,798 | |||
| Net Assets | 2,358,313 | 2,322,215 | |||
| Funds of the Charity | |||||
| Unrestricted funds | 2,358,313 | 2,322,215 |
The financial statements on pages 6 to 15 were approved by the Trustees on and signed on their behalf by:
______ Tremayne Carew Pole (Trustee)
The notes on pages 8 to 15 form part of these financial statements.
Page 8
Carew Pole Charitable Trust
Notes to the Financial Statements
Year ended 5 April 2022
1 General Information
Carew Pole Charitable Trust is an unincorporated charitable trust registered as a charity in England and Wales. Details of the charity, including the Principal Address, are included in Reference and Administrative details in the Trustees' Report.
2 Accounting Policies General
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) – (Charities SORP (FRS 102)).
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has been withdrawn.
Carew Pole Charitable Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical or transaction value unless otherwise stated in the accounting policy note.
The financial statements have been prepared on a going concern basis and the Trustees are not aware of any material uncertainties that would cast doubt on the charity’s ability to continue as a going concern.
The presentational currency of Carew Pole Charitable Trust is considered to be pounds sterling because it is the currency of the primary economic environment in which the charitable company operates.
Figures in the accounts have been rounded to the nearest whole pound sterling.
Fund Accounting
The Trust maintains a general unrestricted fund which is expendable at the Trustees’ discretion in furtherance of the objects of the Charity.
Investment Income
Income from quoted securities and bank deposits is accounted for in the period in which the Charity is entitled to receipt.
Income from Property
Property income is accounted for on an accruals basis.
Expenditure
Expenditure is included on an accruals basis and is recognised as soon as there is a legal or constructive obligation to pay the expenditure. Charitable donations are accounted for when there is a binding commitment on the Trustees to make the payment. Property costs and investment management fees are directly related to those sources of income. Other costs comprise costs of running the Charity itself as an organisation.
Page 9
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
2 Accounting Policies (continued)
Investment Property
Investment property is revalued periodically and is included at the latest valuation, plus subsequent additions at cost.
Foreign Currency
Transactions in foreign currencies are recognised at the date of exchange at the date of the transaction. Monetary assets and liabilities are translated at the balance sheet date and all exchange differences are recognised through the Statement of Financial Activities.
Investments
Investments are carried at market value. Gains or losses on disposals and on annual revaluation of investments are credited or charged in the Statement of Financial Activities.
Financial Instruments
The Trust only has financial assets of a kind that qualify as basic financial instruments i.e. cash, investments, short-term debtors and creditors, which are initially recorded at transaction value. Investments are revalued at market value through the statement of financial activities. Details of the financial instruments can be found in notes 4, 5, 6 and 7.
Going Concern
In the opinion of the trustees, the trust has sufficient working capital within existing facilities to continue to trade for the foreseeable future, and therefore the accounts have been prepared on a going concern basis.
| 3 Investment Property Balance b/f - At valuation. Property improvements brought forward Property improvements added at cost Balance c/f |
2022 2021 £ £ 720,000 720,000 75,144 63,687 - 11,457 795,144 795,144 |
|---|---|
The various properties were settled on the Trust over many years since its inception and the historical cost records are no longer available.
The properties were professionally valued by Savills in September 2016. The trustees do not consider there to have been any material changes in the valuation of investment properties. Subsequent improvements to the properties are shown separately at cost.
An employee of the Lynher Valley Partnership (related party to Carew Pole Charitable Trust) is a qualified chartered surveyor and has confirmed that the value of the properties as at 5 April 2022 has not changed since 2016.
Page 10
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
| 4 Quoted Investments Market value at 6 April 2021 Additions Disposals Equalisation Fair Value Adjustment Realised losses Market value at 5 April 2022 Book cost Investments held in the UK Investments held outside the UK Split of market value per Portfolio: Ruffer LLP Cazenove Capital |
2022 £ 1,480,273 384,787 (414,780) (320) 57,900 - 1,507,860 1,382,017 2022 £ 1,295,920 211,940 1,507,860 1,000,683 507,177 1,507,860 |
2021 £ 1,233,900 714,224 (749,885) - 295,458 (13,424) |
|---|---|---|
| 1,480,273 | ||
| 1,330,104 | ||
| 2021 £ 1,280,915 199,358 |
||
| 1,480,273 | ||
| 998,524 481,749 |
||
| 1,480,273 |
The following securities are material individual holdings as they exceed 5% of the Ruffer LLP portfolio:
| Holding | Security | Value |
|---|---|---|
| £ | ||
| 1,182 | Ruffer SICAV Fixed Income Z GBP Dis | 160,361 |
| 70,963 | Ruffer Multi Strategies Fund Limited | 66,810 |
| 22,118 | LF Ruffer Gold C Acc | 66,267 |
| 15,882 | Ruffer Protection Strategies International Z GBP | 53,271 |
Page 11
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
| 5 Debtors Rent and service charges receivable Carew Pole Garden Trust loan Prepayments Antony Hospitality Holdings Loan 6 Cash at Bank Lloyds TSB Bank plc Ruffer LLP Cazenove 7 Creditors: Amounts falling due within one year Rent in advance Accrued professional fees Tenants' deposits Accrued investment management fees Charitable donations Sundry creditors |
2022 £ 5,512 3,405 658 100 9,675 2022 £ 8,324 65,063 24,100 97,487 2022 £ 6,047 5,170 2,625 2,803 31,708 3,500 51,853 |
2021 £ 2,274 3,405 1,323 100 |
|---|---|---|
| 7,102 | ||
| 2021 £ 16,763 46,965 9,653 |
||
| 73,381 | ||
| 2021 £ 2,710 4,657 2,625 2,720 18,250 2,723 |
||
| 33,685 |
Page 12
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
| 8 Property Expenses Repairs Management Insurance Heat and light Rates and water Sundries Legal and professional fees 9 Other Costs Governance costs - Independent examination - Accountancy services provided by independent examiner - Bookkeeping Bank Charges Subscriptions |
2022 £ 7,118 8,482 1,283 218 1,315 - 2,447 20,863 2022 £ 750 4,436 100 251 328 5,865 |
2021 £ 5,795 9,933 1,156 535 4,962 452 6,935 |
|---|---|---|
| 29,768 | ||
| 2021 £ 750 3,782 100 162 318 |
||
| 5,112 |
10 Support Costs
All support costs are incurred in managing the investments of the Charity or on running the legal structure of the entity and are shown in notes 8 and 9 plus investment management fees per the Statement of Financial Activities.
11 Trustees' Remuneration
No Trustees have received any remuneration or been reimbursed any expenses during the current or prior year.
The Trustees consider that the Board of Trustees comprise the key management personnel.
Page 13
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
| 12 Donations to Charitable Institutions Antony Church Antony Church 2022 Battling On CIC The Brainwave Centre Limited British Red Cross 2nd Bude & Jacobstow Scout Group Carefree Fostering Independence Cornwall Children's Sailing Trust Cornwall Red Squirrel Project Cornwall Rural Community Charity (Clean Cornwall) Cruse Bereavement Care Deviock Activities Group Drama Express East Looe Town Trust EFGI Cornwall Aid Centre Falmouth Food Co-op CIC The Fishmongers' Company Future Trees Trust Happy Days Children's Charity Hft (Home Farm Trust) Holy Trinity Parish Church Holy Trinity Parish Church, St Austell IMS Prussia Cove 2022 LEAF (Linking Environment & Farming) Lighthouse Community Centre CIC Liskerrett Centre Maryfield Church 2022 Millbrook Skatepark Project PBC Foundation (UK) Ltd The Rusty Bucket Christian Resource Centre RVS Neighbours Together Saltash Gateway Community Interest Company St James Torpoint Parochial Church Council St John's Church 2022 St Mary's Sheviock Church 2022 St Stephen's Church 2022 Tamar Protection Society Three Villages Youth Project (3VYP) Threemilestone School Torpoint & Rame Community Sports Centre (managed by the YMCA) United Response Veterans Farm-Able Foundation Wallace & Gromit's Grand Appeal 2022 Wells Cathedral White Gold Cornwall Foundation |
2022 £ 1,000 2,000 2,000 1,000 2,050 500 2,000 1,184 500 500 1,000 1,000 1,000 1,000 1,000 750 5,000 1,000 1,009 765 2,000 2,000 1,000 1,000 1,000 1,500 2,000 500 500 2,000 2,000 2,220 1,000 1,000 2,000 1,000 500 1,000 1,000 1,200 1,500 1,000 1,000 5,000 2,000 |
|---|---|
| 63,178 |
Page 14
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
| 13 Prior year donations to Charitable Institutions Acorn Theatre Antony Parish Church Art UK Bipolar UK CHICKS Children's Hospice South West Clean Cornwall CLEAR Crafts Council Devon & Cornwall Refugee Service Fishermens Mission Food For Heroes Forest Pathways Future Trees Trust IMS Prussia Cove Kidz R Us Community Kreslu Maryfield Church Mencap QEF RNLI Royal Academy of Arts Royal Cornwall Hospital Royal Marsden Cancer Charity 2021 Royal Marsden Hospital Royal West of England Sailors Children's Charity Sheviock Parochial St John's Church St Luke's Hospice St Petrocs St Stephens Church Sterts Arts & Environmental Centre The Garden Museum Wallace and Gromit Wild Young Parents Project Young & Talented Cornwall - Lord Lieutenant Fund |
2021 £ 1,000 1,000 250 500 1,066 1,000 500 2,000 250 2,000 250 500 750 1,000 1,000 1,000 750 1,000 250 250 250 1,000 1,000 250 250 500 1,000 1,300 500 1,000 1,000 500 2,000 500 1,000 5,000 1,000 |
|---|---|
| 34,366 |
Page 15
Carew Pole Charitable Trust
Notes to the Financial Statements (continued)
Year ended 5 April 2022
14 Related Party Transactions
Lynher Valley Partnership
Lynher Valley Partnership is a partnership in which Tremayne Carew Pole, a Trustee of the charity, has a substantial interest. During the year it paid the following expenditure on behalf of the charity (2021: £11,237), which the charity has / is repaying:
| Property expenses Management Insurance |
£ 8,482 208 |
|---|---|
| 8,690 |
At the year end the amount due to Lynher Valley Partnership was £1,626 (2021: £860). No interest has been incurred on this creditor balance.
Antony Hospitality Holdings Ltd
Antony Hospitality Holdings Ltd is a company under the control of Tremayne Carew Pole, a Trustee of the charity. At the year end the company owed £100 (2021: £100) to the charity. No interest has been charged on this debtor balance.
15 Financial Commitments
The Trustees are not committed to making any future donations.